Google sells Motorola to Lenovo for $2.91 billion

Google is selling Motorola Mobility to Lenovo, giving the Chinese smartphone manufacturer a major presence in the US market. Lenovo will buy Motorola for $2.91 billion in a mixture of cash and stock.

Google will retain ownership of the vast majority of Motorola’s patents, while 2,000 patents and a license on the remaining patents will go to Lenovo. At the deal’s closing, Lenovo will pay Google $660 million in cash and $750 million in stock, while the remaining $1.5 billion will be paid out over three years.

Lenovo is entering a whole new market with this purchase.. Hopefully they do more with it than Google did